2024 CBN N500k Grants – Portal Reopen

To reduce the country’s high unemployment rate, the Central Bank of Nigeria (CBN) has developed grants for graduates and undergraduates.

The Nigerian graduate entrepreneurial potential is harnessed by the Tertiary Institutions Entrepreneurship Scheme (TIES) in collaboration with Nigerian Polytechnics and Universities.

According to Pex Bank, TIES intends to improve graduates’ access to financing for creative commercial and technology ideas and graduates from Nigerian universities and polytechnics.

The Supreme Bank stated that the TIES’s establishment intends to focus on employment development and address the trend of white-collar job seekers.

The program aims to “create a paradigm shift between undergraduates and graduates in an entrepreneurial culture by moving away from a “white-collar” job search culture and toward economic growth and job creation,” according to CBN.

CBN would provide N500 million for the grant to Three of the top five schools.

First place will receive N150 million, followed by N120 million, N80 million, N80 million, and N50 million for the top five polytechnics and colleges in Nigeria with the finest entrepreneurial trends and concepts, according to CBN.

To evaluate the technological and entrepreneurial ideas provided by Nigerian colleges and polytechnics, Apex Bank has announced that it will establish a private and public sector expert organization (BoE) for two-year regional and national entrepreneurship competitions.

BoE will suggest high-potential initiatives and the erratic influence on the grant’s allocation.

Guideline CBN for the N500 Grants for Graduates

MFIs and CBN will work together to appoint impartial monitors to oversee projects funded under the program.

Depending on the intricacy of the project, this scheme will launch for the first time in ten years on December 31, 2031, at the latest.

Interest and principal repayment must be made monthly or quarterly according to a set cash flow cycle and an approved repayment schedule.

Also read: ₦25k FG CCT Free Loan – Have you applied? Submit your Application

Eligibility Criteria

  • Applicants must be graduates of Polytechnics and Universities in Nigeria
  • Must hold a First-degree certificate (BSc/HND/ or it is equivalent);
  • Posses the NYSC discharge or
    exemption certificate;
  • Must have a Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training
  • Not more than seven years post-NYSC

How to Apply for CBN Graduates Grants

Visit the CBN graduate grant portal to apply

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